DOW up 119.23
S&P 500 up 14.31
Portfolio up $166.61
No trades today. Just had one dividend hit with PNC of $.31. Yes, I said 31 cents. I only have 3 shares of PNC and here is why. Back in October I bought 100 shares of NCC stock for $300 and sold a covered call for $95. So I was in for 2.05 a share. Literally a week later, NCC got bought out by PNC for 2.12 a share in a stock for stock conversion. The covered call I sold against it was a $3 strike price which obviously never hit. Because of the merger terms I also received $40 in cash. So the final outlay was $300-95-40 = $1.65 a share or $165 out of pocket. The stock conversion ended up being 3 shares priced at $73.58. Right now in my portfolio I have 3.068 shares with a market value of 132.60 which means I'm still down $32 or -19.39%. Not a big part of my portfolio but maybe it will be positive by the end of the year. That is why I just received a $.31 divvy.
Weekly Recap
4/20 - 4/24
DOW Down 55.04
S&P 500 Down 3.37
Portfolio Down $2,582.09
Margin -$5,784.09
Trades 5
Trades Closed 0
Winners 0
Losers 0
Dividends: $.31
Here are some trading positions opened:
BAC May 09 $6 Put -2.09% (profitable except for commissions. short this put)
MS May 09 $20 Put -50.46% (short this put)
AA June 09 $8 Put 32.19 (short this put)
RF May 09 $6 Call 8.76% (short this call)
RF 500 shares -7.64% (long this stock)
Remember that the last two positions are hedged with each other. I am long the stock at $6 and short the call at $6 with downside protection to $5.25 on the underlying. This is the exact same thing I did with the NCC trade back in October. Hopefully this works out better.
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